Bid to block listing of Universal’s unit

MANILA: Pachinko tycoon Kazuo Okada has asked the Philippine Stock Exchange (PSE) to block the proposed listing of Universal Entertainment Corp’s domestic unit, saying the Japanese gaming company has no authority to proceed with the plan. “The backdoor listing is not authorised and is opposed by the casino magnate, the true and legal beneficial owner of controlling shares, and chairman or sole director, in all Okada companies,” said Okada’s lawyers in a letter to the PSE last Friday.